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|VIROPHARMA INCORPORATED Contacts:|
Charles A. Rowland, Jr.
|Vice President, Chief Financial Officer|
|Phone (610) 321-6223|
Robert A. Doody, Jr.
|Phone (610) 321-6290|
Kristina M. Broadbelt
|PR & Advocacy|
|Phone (610) 321- 2358|
VIROPHARMA Incorporated Reports Third Quarter 2012 Financial Results
- Quarter Highlighted by Record U.S. Cinryze® (C1 esterase inhibitor [human]) Net Sales of $83.7M; Company Reiterates Cinryze U.S. Net Sales Guidance -
EXTON, PA, October 25, 2012 VIROPHARMA INCORPORATED (Nasdaq: VPHM) reported today its financial results for the third quarter ended September 30, 2012.
Since June 30, 2012, we:
Achieved $91 million in quarterly net product sales, including $85 million in worldwide net sales of Cinryze;
Received FDA approval of the Prior Approval Supplement (PAS) for industrial scale manufacturing for Cinryze;
Repurchased an additional 3.1 million shares of our common stock at a cost of approximately $80 million during the third quarter;
Announced $200 million extension of stock repurchase authorization;
Ended the third quarter with cash, cash equivalents and short term investments of $304 million;
Recorded GAAP net loss of $4.6 million, non-GAAP adjusted net income for the quarter was $7.5 million;
Presented interim data from current Phase 2 clinical evaluations of maribavir in treatment of asymptomatic acute CMV infections and VP-20621 for the prevention of recurrent C. difficile infections; and
Announced that the FDA has removed the temporary clinical hold of development of Cinryze subcutaneous administration with Halozymes rHuPH20 technology.
Net sales were $91 million for the third quarter ended September 30, 2012, as compared to $143 million in the same three months of 2011. The decrease was the direct result of the impact of generic oral vancomycin entries into the market. Regarding Cinryze, during the quarter the U.S. channel inventory increased by approximately $2 million. Net sales were $321 million for the nine months ended September 30, 2012, as compared to $399 million in the comparative period of 2011.
The third quarter of 2012 was a period of tremendous fundamental execution for ViroPharma, stated Vincent Milano, ViroPharmas chief executive officer. Despite several early challenges in 2012, the progress and achievements that have been made across our entire organization in the first nine months have rapidly shifted the focus towards the promise of what ViroPharma can deliver for both our patients and our shareholders alike in the years ahead. We are seeing remarkable growth with Cinryze here in the United States, our product launches in Europe are beginning to gain ground and the pipeline is the most robust and promising it has ever been in our history.
Our GAAP net loss was $4.6 million in the third quarter of 2012 compared to GAAP net income of $28.2 million in the third quarter of 2011. For the nine month period in 2012, GAAP net income was $11.2 million compared to $87.5 million of GAAP net income during the first nine months in 2011.
The following information was filed by Viropharma Inc (VPHM) on Thursday, October 25, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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